Net Asset Backing Update
New Zealand Exchange Limited
P.O. Box 2959
Wellington
18 March 2011
Dear Sir,
Widespread Portfolios Net Asset Backing
We wish to advise that the unaudited net asset backing per Widespread Portfolios share, as at 9 a.m. today is 49.3 cents.
Effect of Proposed Restructure
As announced yesterday, the proposed re-arrangement of assets held by Widespread Portfolios and associate company Widespread Energy will, if approved by shareholders on 30 March 2011, have a marked beneficial effect on the asset backing of Widespread Portfolios.
This can be seen clearly from the table below.
|
NET ASSET BACKING PER SHARE |
Per WID share |
Per WID share |
|
Investment |
Before restructure |
After restructure |
|
Chatham Rise Project (independent valuation) |
0.217 |
|
|
Oil and gas assets |
|
0.022 |
|
Asian Minerals (share of net assets approach) |
0.115 |
0.115 |
|
Widespread Energy (independent valuation) |
0.040 |
0.381 |
|
King Solomon Mines |
0.064 |
0.064 |
|
Other investments & cash |
0.057 |
0.057 |
|
Total ($NZ per WID share) |
0.493 |
0.638 |
|
Current WID share price |
0.130 |
0.130 |
|
Discount to Net Asset Backing |
73.6% |
79.6% |
Diluted Net Assets per share
The fully diluted NTA per WID share is 95 cents assuming the listed warrants are exercised @ $2.982 and the unlisted director-held warrants are exercised @ $3.282. All warrants expire on 30 June 2012.
Net asset data is also available on our website (www.widespread.co.nz) and is updated daily. For more information on the Chatham Rise project see www.rockphosphate.co.nz.
For and on behalf of the Board,
Chris D Castle
Wellington, 18 March 2011
